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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Prs Reit (the) Plc | LSE:PRSR | London | Ordinary Share | GB00BF01NH51 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.50 | 0.63% | 79.60 | 79.00 | 79.80 | 80.20 | 79.40 | 79.40 | 465,088 | 16:29:50 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 51.35M | 42.45M | 0.0773 | 10.30 | 437.2M |
TIDMPRSR
RNS Number : 2133V
PRS REIT PLC (The)
13 April 2021
13 April 2021
PRSR.L
The PRS REIT plc
("the Company" or "the PRS REIT")
Third Quarter Update
The PRS REIT, the closed-ended real estate investment trust that invests in high-quality, new build, family homes in the private rented sector ("PRS"), is pleased to provide an update on activity over the third quarter of its financial year ending 30 June 2021.
At At At 31 Mar 2021 31 Dec 2020 31 Mar 2020 ----------------------------------- ------------- ------------ ------------- Number of completed homes 3,590 3,163 1,947 Estimated rental value ("ERV") GBP33.3m GBP29.4m per annum GBP17.9m ----------------------------------- ------------- ------------ ------------- Number of contracted homes 1,536 1,963 2,885 ERV per annum GBP15.8m GBP19.4m GBP28.3m Completed and contracted sites 65 65 60 ERV of completed and contracted GBP48.8m GBP48.8m sites GBP46.2m ----------------------------------- ------------- ------------ ------------- Rent collected in period relative to rent invoiced over the same period 99.2% 100% 100% ----------------------------------- ------------- ------------ -------------
Construction activity continued to progress well in the third quarter of the financial year, with 427 new rental homes added to the portfolio. This took total housing delivery over the first three quarters to 1,508 rental homes, which includes 175 homes acquired from BlackRock Real Assets and Sigma Capital Group plc, and is significantly above the 909 homes added over the whole of the last financial year.
In total, the Company's portfolio at 31 March 2021 stood at 3,590 completed homes, providing an estimated rental value ("ERV") of GBP33.3m per annum (31 December 2020: 3,163 homes with an ERV of GBP29.4m). The portfolio of completed homes now stands at approximately 70% of the Company's fully optimised target of an initial 5,200 homes, providing an ERV of approximately GBP50.0m per annum.
Rent collection in the quarter remained strong. While the rent roll has grown by 96% over the last nine months, total arrears has remained very low at GBP0.2m at 31 March 2021. This is less than 1% of annualised ERV on completed units.
Demand for rental homes has remained high. At 31 March 2021, 3,433 of the Company's 3,590 completed homes were occupied, and a further 74 homes were reserved for qualified applicants with rental deposits paid. There is a healthy waiting list for homes still under construction, with 44 homes pre-let.
Details regarding the payment of the Company's dividend for the third quarter will be published at the end of April 2021.
DEFINITIONS
Contracted refers to sites under construction (under a design & build contract), which have been purchased by the PRS REIT or the PRS REIT's Investment Adviser (forward sold to the PRS REIT).
For further information, please contact:
The PRS REIT plc Tel: 020 3178 6378 (c/o Steve Smith, Non-executive Chairman KTZ Communications) Sigma PRS Management Limited Tel: 0333 999 9926 Graham Barnet, Mike McGill N+1 Singer Tel: 020 7496 3000 James Maxwell, James Moat, Sebastian Burke Panmure Gordon (UK) Limited Tel: 020 7886 2500 Chloe Ponsonby (Corporate Broking), Alex Collins (Corporate Finance) G10 Capital Limited (part of the IQEQ Group Tel: 020 3745 2826 as AIFM) Paul Turner KTZ Communications Tel: 020 3178 6378 Katie Tzouliadis, Dan Mahoney
NOTES TO EDITORS
About The PRS REIT plc
www.theprsreit.com
The PRS REIT plc is a closed-ended real estate investment trust established to invest in the Private Rented Sector and to provide shareholders with an attractive level of income together with the potential for capital and income growth. The Company is investing GBP0.9bn in a portfolio of high quality homes for private rental across the regions, having raised a total of GBP500m (gross) through its Initial Public Offering, on 31 May 2017, and a subsequent placing in February 2018. Both fundraisings were supported by the UK Government's Homes England with direct investments.
LEI: 21380037Q91HU97WZX58
About Sigma Capital Group plc
www.sigmacapital.co.uk
Sigma Capital Group plc ("Sigma") is a PRS, residential development, and urban regeneration specialist, with offices in Edinburgh, Manchester and London. Sigma's principal focus is on the delivery of large scale housing schemes for the private rented sector. The Company has a well-established track record in assisting with property related regeneration projects in the public sector, acting as a bridge between the public and private sectors.
Sigma has created an unrivalled PRS platform, which sources sites and brings together construction resource to develop them, enabling Sigma to deliver an integrated solution to partners. As well as sourcing sites and managing all stages of the planning and development process, Sigma also manages the rental of completed homes through its award winning rental brand 'Simple Life'. The Company's subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc.
About Sigma PRS Management Limited
Sigma PRS Management Limited is a wholly-owned subsidiary of AIM-quoted Sigma Capital Group plc and is Investment Adviser to The PRS REIT plc. It sources investments and operationally manages the assets of The PRS REIT plc and advises the Alternative Investment Fund Manager ("AIFM") and The PRS REIT plc on a day-to-day basis in accordance with The PRS REIT plc's Investment Policy. The Investment Manager is G10 Capital Limited. Sigma PRS Management Ltd is an appointed representative of G10 Capital Limited, which is authorised and regulated by the Financial Conduct Authority (FRN:648953)
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April 13, 2021 02:00 ET (06:00 GMT)
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